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A Helping Hand for Single Mothers

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Newsletter: Financial

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Budgeting 101

Why do you want to change your ways and get out of debt, become rich or attain financial freedom? You must answer this question for yourself. It is what will give you the POWER to follow your plan. Then create a plan. How much debt do you want to pay off each year? How much money do you want to save each year? How much money do you want at retirement? Start with a goal and work backwards. Divide them into annual and monthly goals. Then find a way to make it happen and get started.

So What Are The Rules?

  1. Keep a record of how you spend your money. As the saying goes "Watch the pennies and the dollars will look after themselves".

  2. Make a regular point of checking your budget making sure you are not committing yourself to more than you have coming in.

  3. If you use a credit card, handle it with care. Lenders keep records and share information on bad debt. Bad credit could prevent you from borrowing in the future.

  4. Try hard to save money… things can change quickly and you may need to fall back on your hard-earned nest egg.

  5. Take responsibility…do not expect friends and relatives to bail you out if you run short. Everyone has bills.

  6. If you fall short, you have options-try taking on a part time job. You can also reduce any out going expenses to help the situation.

Pad Your Own Pocket Instead of Uncle Sam's

You may be withholding too many taxes. Income tax withholding is something you want to get as close as possible to what you actually owe. Why? If you have too little taxes taken out, you will owe when you file your return. If too much is withheld, you will get a refund. That is not good either. What is wrong is you have given Uncle Sam free use of your money during the year when that money could be working for you. The point is for you to get the use and enjoyment of more of your money when you earn it. Do not make an unintentional loan to the government.

Savings Calculator

Monthly Income $
Montly Expenses

Mortgage/Rent $
House/Apt Insurance $
Electricity $
Heat $
Telephone/Cell $
Credit Card $
Auto Loan $
Auto Insurance $
Gas for Auto $
Groceries/Household Items $

Child Care

School Expenses $
Clothing/Shoes $
Misc/Gifts $

Total Expenses $
Montly Savings $

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